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About Linda Rosencrance

Linda
Rosencrance is a freelance writer/editor in the Boston area. Rosencrance has
over 25 years experience as an reporter/investigative reporter, writing for
many newspapers in the metropolitan Boston area. Rosencrance has been writing
about information technology for the past 16 years.

Comments

The system handles the posting of multi-currency transactions by allowing bank accounts, customer and supplier accounts to be set up in a currency that is different to the base currency of the company. All transactions posted to these accounts are translated into the base currency amount based on the rates held in the system’s currency table or entered against each specific transaction. When the transactions are finally settled (i.e.: a customer pays their account, a supplier account is paid or a bank account is converted to base currency) the system handles the calculation and automatic posting of any realised gains/losses. Therefore, a gain is generated if a Foreign Exchange (FX) payment actually cost less in base currency than originally posted or if a FX amount received translated into more in the base currency than originally posted - losses are generated if the opposite applies. This multi-currency processing is handled within the system as transactions are posted. For more information go to Speedy Loan Search.